NEW YORK (MarketWatch) — Former MF Global Holdings Inc. CEO Jon Corzine reportedly dismissed several internal warnings about the ballooning risk of its European sovereign debt investments last year. Those investments that led to the firm’s dramatic collapse earlier this year. The Wall Street Journal reported on Tuesday that Corzine and the firm’s board let its European debt exposure grow to $6.3 billion from $1.5 billion, despite repeated warnings. The paper said that the executive who let his concern be known resigned from MF in March. The report, quoting unnamed sources, also said that the executive, Chief Risk Officer Michael Roseman, “also expressed concerns directly to Mr. Corzine in meetings of just the two men and with other people present, people familiar with the situation said.”

“I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do,” Biden said. “The reason we called Jon is that we knew that he knew about the economy, about world markets, how we had to respond, unlike almost anyone we knew. It was because he had been in the pit — because he had been in the furnace. And we trusted his judgment.”

That’s right, Jon Corzine was a trusted adviser to Obama and Biden. That’s why our economy is in such great shape now. And the guy who helped Obama put together the massively failed stimulus also just put together the fourth largest bankruptcy in American history as he put his liberalism to work at MF (which stands for “Managed Futures”) Global and helped himself to other people’s money.

• “You’ve had an honorable man, a decent man, an honest man, at the helm of this state. … He’s fought for what matters to ordinary folks.”

• “People…say, ‘You know, I was saving up all my life. …. Suddenly, because of this financial crisis, I may have to go back to work.’ “

• “Jon knows these are challenging times. This is why he got into public service. He didn’t do it for the paycheck.”

• “This crisis…came about because of the same theories, the same lax regulation, the same trickle-down economics that the other guy’s party has been peddling for years.”

• “Jon’s got the mop and he’s cleaning up after somebody else’s mess.”

• “One of the things you’ve got in Jon Corzine is somebody who tells it to you straight,” Mr Obama said.

Liberals continually demonize Republicans as being tied to the rich and to Wall Street. It couldn’t be a bigger lie. Democats have their heads so far up Wall Street’s ass it is beyond unreal.

Barack Obama dishonestly claimed that Republicans caused the economic collapse and that Jon Corzine was one of the Democrat heroes who was trying to fix that mess. That vicious lie now stands revealed for what it is.

A former MF Global employee accused former president William J. Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy.

Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution.

“They were supposed to be helping Corzine improve his image as a CEO—I guess you can tell how that went,” he said. Corzine resigned as CEO and chairman November 4.

The beast is coming. And if you are a Democrat, you’re going to vote for him and you’re going to take his mark. Because that’s your life history and it’s who you are.